#United States #Lending #Civitas Capital #Silverthorne #Fourth Street North

Civitas Capital Group Secures Major Funding for New Multifamily Project

Civitas Capital Group recently celebrated the conclusion of a significant $38.4 million senior loan aimed at financing the development of Fourth Street North Apartments, a promising new Class A multifamily housing project in downtown Silverthorne, Colorado. This endeavor represents a vital step forward in addressing local housing shortages.

Location and Significance

Situated in Summit County, where the population hovers around 4,400, Fourth Street North is positioned within a Rural Targeted Employment Area (TEA) as defined by the EB-5 Program. This designation not only facilitates investment opportunities at a reduced threshold of $800,000 (compared to the standard $1.05 million) for EB-5 investors, but it also ensures expedited processing of the I-526E petition. Additionally, it offers access to a generous pool of 20% of EB-5 visas allocated for rural projects, making it an attractive investment opportunity with potentially faster immigration timelines.

Jeff Kiser, Director and Head of EB-5 Investor Relations at Civitas, expressed excitement about this initiative, stating, "We are thrilled to present an offering that allows EB-5 investors to enjoy rural priority processing, while simultaneously participating in a market with clear demand for new housing."

Addressing Local Housing Needs

According to a housing study conducted in Summit County in 2023, there exists a pressing need for approximately 2,500 new housing units within the next five years to meet anticipated demand. The Fourth Street North project is strategically designed to tackle this requirement, signaling Civitas's commitment to fostering sustainable community growth.

All debt financing associated with Fourth Street North is fully committed, indicating strong backing for the project. Construction is slated to commence immediately, with the first units expected to be delivered and available for lease by 2027. The development will comprise 72 market-rate residential units spread across four buildings, amounting to over 70,000 square feet of residential space complemented by more than 10,000 square feet designated for retail on the ground floor.

Project Vision and Design

The development, spearheaded by Outpost Partners, aims to seamlessly integrate with Silverthorne’s broader revitalization efforts. The architectural vision features contemporary mountain-style finishes, harmonizing stone elements with woodgrain siding, creating a warm and inviting aesthetic that resonates with the natural beauty of the surrounding area.

Ideally located near civic and cultural landmarks, including the Silverthorne Performing Arts Center and The Art Spot, Fourth Street North will serve as both a focal point and a connector in the town's master plan. The community will benefit from its proximity to existing civic amenities, enhancing the overall living experience.

Silverthorne is renowned not only for its housing opportunities but also for its alluring outdoor attractions, including crystal-clear alpine lakes, lush aspen groves, and immediate access to the White River National Forest—home to 11 ski resorts. The town's location, approximately 70 miles west of Denver, further solidifies its appeal as a prime residential and recreational hub.

About Civitas Capital Group

Civitas Capital Group is a prominent player in the EB-5 regional center landscape, known for its innovative real estate capital solutions. Since its inception in 2009, the firm has successfully invested in over 50 real estate development projects, boasting a 100% USCIS approval rate. Their operations are firmly grounded in core values such as focused creativity, institutional stewardship, and a commitment to integrity. This track record of success has positioned Civitas as a trusted partner for EB-5 investors seeking opportunities that deliver positive community impact and significant returns.

For more information about Civitas Capital Group and their project updates, follow them on LinkedIn or explore further at civitascapital.com.